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Fin24 reports that according to proposed amendments to the Companies Act, listed and state-owned companies will in the future have to disclose the pay gap between the highest and lowest-paid as well as the average and median pay of all employees.
This will be in addition to the disclosure of director pay, which is already a standing requirement of the Act. On Tuesday, Minister of Trade, Industry and Competition Ebrahim Patel briefed the Portfolio Committee on Trade, Industry and Competition on proposed amendments to the Act. The committee will hold public hearings on the proposed changes in October. It is envisaged that companies will have to compile a remuneration policy – pay policy for directors and prescribed officers – and a remuneration report, which analyses the total remuneration of the firm. Patel said that the new provisions around the pay gap sought to address public concerns over inequality and provide transparency for shareholders on remuneration without disincentivising high-paid talent to work in the country. Parties in Nedlac held extensive discussions on pay equity and disclosure preceding the tabling of the bill in Parliament, with a broad consensus on the general thrust, but with some disagreement on the end product by both business and labour.
- Read the full original of the report in the above regard by Carol Paton at Fin24 (subscriber access only)
Get other news reports at the SA Labour News home page